Iceland : Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland

This paper examines key findings of Iceland's Request for a Stand-By Arrangement from the IMF. Iceland's economy is in the midst of a banking crisis of extraordinary proportions that is expected to lead to a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge in public sector debt, reflecting a high fiscal cost of restructuring the banking system. The virtual collapse of the on-shore foreign exchange market poses a serious and immediate risk to the economy considering its high import dependence.
Publication date: November 2008
ISBN: 9781451819373
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debt , central bank , interest , external debt , public sector

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